INVESTOR PRESENTATION January 2019 FORWARD LOOKING STATEMENTS This - PDF document

INVESTOR PRESENTATION January 2019

FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company’s prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected. 2

TRICAN & INDUSTRY OVERVIEW

INVESTMENT SUMMARY  Largest Canadian pressure pumping company • Industry-leading fracturing and cementing service lines  Shareholder returns through NCIB • Repurchased 10% of the Company’s shares from October 2017 through October 2018  Renewed the NCIB program effective October 3, 2018 to purchase 10% of the Company’s shares • Purchased ~12 million shares (approximately 4%) in Q4  Existing idle equipment provides opportunity for incremental returns upon a market recovery (minimal investment required for reactivations – just staffing) 4

INVESTMENT SUMMARY  Substantial leverage on existing infrastructure and fixed cost structure  Excellent balance sheet provides access to capital for opportunistic investment  Experienced and motivated work force supported by an executive leadership team with extensive experience managing oilfield services cycles 5

INVESTMENT SUMMARY Price to Tangible Book Value vs. Leverage Profile 1.20 2.0x 1.8x 1.00 Price to Tangible Book Value 1.6x Debt / Tangible Equity 1.4x 0.80 1.2x 0.60 1.0x 0.8x 0.40 0.6x 0.4x 0.20 0.2x - 0.0x Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Debt to Tangible Equity (LHS) Price to Tangible Book (RHS)  Company valuation approaching cyclical low valuation  Company has significantly improved asset coverage relative to 2015 cyclical low 6

WHAT WE DO Completion Cycle Drilling  Trican is a Canadian- Fracturing Cycle Coil Tubing focused, energy Cementing Nitrogen services company, Services Fluid Management which provides an Acidizing array of specialized products, equipment and services for the drilling and Production Full Cycle completions cycle of Cycle Technical oil and gas Coil Tubing Expertise exploration and Acidizing Customer development. Pipeline Services Engineering Support Industrial Services Reservoir Expertise Chemical Services Laboratory Services Remedial Cementing 7

OUR CANADIAN MARKET AND FINANCIAL POSITION Market Leading Positions  Canadian market leader in fracturing services (based on Trailing 12 Month Revenues: Service Line Breakdown adjusted EBITDA margin and market share)  Canadian market leader in cementing services Fluid Industrial, 2% Management, (based on market share – no competitor margin data 4% Acid, Coil, available) Nitrogen, 8%  Supporting service lines: coil tubing, nitrogen, acid, water management services, pipeline and industrial services Cementing, 15% Strong Financial Position  Trailing 12-month revenues of $1.0 billion  Market capitalization $400 million (January 7, 2019)  Total debt of $117 million (at September 30, 2018), which Fracturing, 72% excludes the approximate $72 million received from the disposition of our Keane investment in December 2018 8

OUR FOCUS Strengthen - Maintain market leading position in Fracturing and Cementing service lines Existing - Strengthen auxiliary service lines (Coiled Tubing, Nitrogen, Water Management) Business - Growth in existing or complimentary, less capital intensive, less cyclical services lines (i.e. Production & Pipeline Services) Growth - Leverage strong technical expertise into additional markets or services To achieve top quartile ROIC in our sector - Disciplined investment into future growth – ensure ROIC hurdle rates are met Share- holder - Return value to shareholders through Normal Course Issuer Bid (share Return buyback program) Cost Control & - Reduce costs for ourselves and our clients through efficiency improvements and scale Efficiency Gains 9

FOCUSED GEOGRAPHIC COVERAGE Horn River Shale British Columbia Manitoba Alberta Saskatchewan FORT ST. JOHN Montney Shale Duvernay GRANDE PRAIRIE Shale WHITECOURT HINTON NISKU LLOYDMINSTER DRAYTON VALLEY Viking RED DEER Tight Oil Deep CALGARY Basin ESTEVAN BROOKS MEDICINE HAT Spearfish Bakken Cardium Lower Shaunavon Shale Tight Oil Tight Oil 10

CANADIAN INDUSTRY DYNAMICS – INCREASING WELL INTENSITY WCSB - Tonnes / Well WCSB - Wells Drilled 2,851 3,000 12,000 10,924 10,853 2,500 10,000 1,855 2,000 8,000 6,959 6,803 1,384 1,329 5,376 1,500 6,000 3,963 1,000 813 4,000 647 500 2,000 - - 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018E Source: Canadian Discovery Source: GMP First Energy  2018 well count 38% below 2014 levels  7,000 – 8,000 wells today equates to 2014 well count levels in terms of fracturing equipment demand  We expect well service intensity to remain flat in 2019 to 2018 levels • Tonnes of proppant placed per / meter grew by approximately 25% in 2018 relative to 2017 - 1.5 tonnes/m in 2018 vs. 1.2 tonnes/m in 2017 • 2018 data included above is limited and therefore weighted to higher well service intensity wells 11

CANADIAN INDUSTRY DYNAMICS – FRACTURING COMPETITIVE LANDSCAPE Hydraulic Horsepower (HHP) Capacity Idled Available Active Crewed Trican 671,850 8,100 663,750 464,000 Competitor A 355,000 28,000 327,000 327,000 Competitor B 297,500 72,500 225,000 225,000 Competitor C 270,000 - 270,000 135,000 Competitor D 250,000 - 250,000 145,000 Competitor E 240,000 - 240,000 175,000 Competitor F 80,000 - 80,000 50,000 Competitor G 50,000 - 50,000 50,000 2,214,350 108,600 2,105,750 1,571,000 Source: Competitor company reports, internal company data, and internal estimates  Estimated industry demand of ~ 1,300,000 HHP in Q1 2019  Internal estimate of 20% - 25% of equipment in Canada is not suited for higher well service intensity plays (Montney, Duvernay and Deep Basin) 12

CANADIAN INDUSTRY DYNAMICS – TRICAN’S COMPETITIVE POSITIONING  More than 50% of Trican’s fleet is continuous duty pumps, most efficient style of fracturing pump, designed for higher well service intensity plays: • Positions Trican to service growing, higher well service intensity plays • Supports Trican’s continued leading Canadian fracturing market position as measured by both market share and margin - Fracturing gross margins of 18% in Q3 2018 (23% with fluid ends removed to compare with our peers capitalization of fluid ends) - Fracturing gross margins of 21% YTD (25% with fluid ends removed to compare with our peers capitalization of fluid ends) • Allows Trican to continue to efficiently operate in the highest well service intensity resource plays: Montney, Duvernay and Deep Basin (estimated to account for ~ 80% of the required HHP demand in Canada) 13

OPERATING ENVIRONMENT – PRICING, LABOUR & REPAIRS EXPENSE Pricing:  Pricing Index Q4 2018 pricing dropped slightly sequentially as activity decreased in the quarter 0  -10 Slight recovery in Q1 2019 pricing relative to Q4 2018 -20 -30  Passed on sand savings to clients resulting in -40 client savings of 7%-10% relative to Q3 2018 -50  Further demand improvements, or supply -60 contraction, will be required for pricing to improve: -70 • Increased customer budgets -80 2014 2015 2016 2017 2018 • West Coast LNG Indexed to 2014 pricing levels. Based on equipment revenue per tonne of proppant pumped. • Improvement in commodity prices and / or Canadian commodity price differentials 14

OPERATING ENVIRONMENT – PRICING, LABOUR & REPAIRS EXPENSE Labour Index 0 Labour Wage Rates for Field Staff:  Labour wage rates in-line with -10 industry -20  Will adjust field labour levels going -30 forward to utilization levels -40  Variable pay for field staff in 2019 -50  Well size and operating efficiencies allow more efficient labour rates -60 2014 2015 2016 2017 2018 Indexed to 2014. Based on personnel expenses per tonne of proppant pumped (component of ‘cost of sales – other’ within the statement of income). 15